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Market Commentary

Market Commentary


Today's Coupons
  10-Year Notes   96-31 (-1-06.5)  
  FN 2.5% Coupon   104-10.5 (-09.5)  
  Support   0.775%  
  Resistance   0.609%  
  Monday, November 9, 2020

Treasury Yields Rise as Vaccine Hopes Reemerge

Market opened today's session with treasuries lower across all maturities. 10-year Treasury yield is at 0.9372, 11.87 bps increased from prior closing of 0.8185.

US stocks opened higher this morning as Covid-19 vaccine progress made headlines. Developed by Pfizer Inc. and BioNTech SE, the latest vaccine touts a 90% infection prevention rate against the virus, a result procured after the joint venture conducted tests on thousands of volunteers. Elsewhere, small-cap and travel stocks saw early gains, with notable gainers including American Airlines Group Inc. and Carnival Corp. On the other hand, home-centric companies Peloton Interactive Inc. and Zoom Video Communications Inc. saw significant drops, spurred on by vaccine hopes. Overall, markets are responding positively to a Joe Biden presidency, one which would be limited by a split congress, in addition to which, relations between the US and China are speculated to be better under a Biden administration. Elsewhere, WTI crude jumped 7.7% while Gold lowered by 1.9%. Coming up later this week, MBA Mortgage Applications will be reporting Wednesday and MoM CPI will report on Thursday. Initial Jobless Claims will also report on Thursday, with expectations set at 730,000 claims.

The curve has bear-steepened with UST 10-Year yield up 11.87 bps.

This Week's Events
  11/10 NFIB Small Business Optimism 03:00 Oct 104.20 - 104.00 -  
  11/10 JOLTS Job Openings 07:00 Sep 6500 - 6493 -  
  11/11 MBA Mortgage Applications 04:00 6 Nov - - 3.80% -  
  11/12 CPI MoM 05:30 Oct 0.20% - 0.20% -  
  11/12 CPI YoY 05:30 Oct 1.30% - 1.40% -  
  11/12 CPI Index NSA 05:30 Oct 260.474 - 260.280 -  
  11/12 CPI Core Index SA 05:30 Oct 269.576 - 269.264 -  
  11/12 Initial Jobless Claims 05:30 7 Nov 730k - 751k -  
  11/12 Continuing Claims 05:30 31 Oct 6825k - 7285k -  
  11/12 Bloomberg Consumer Comfort 06:45 8 Nov - - 47.50 -  
  11/13 PPI Final Demand MoM 05:30 Oct 0.20% - 0.40% -  
  11/13 PPI Final Demand YoY 05:30 Oct 0.40% - 0.40% -  
  11/13 U. of Mich. Sentiment 07:00 Nov P 82.00 - 81.80 -
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  This information is provided solely for informational use and is not intended as an advice for trading or investment purposes in any manner whatsoever. Sun West Mortgage Company, Inc. is not a licensed or registered broker or dealer and cannot provide investment strategies or recommendations. This information is provided to licensed brokers/lenders only and may not be copied or distributed to customers or potential customers. All loans are subject to approval. Certain restrictions may apply. Listed pricing is a morning indication only. Program rates, prices, guidelines, fees, costs, terms and conditions are subject to change without notice.  
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